Recent research has confirmed that average fixed rates in the United Kingdom for two, three and five year mortgages have reached their lowest level since 2012, while the amount of 10 year fixed deals is starting to see growth.
Home owners searching for the optimum deal should think about fixing their mortgage now while providers are in the process of cutting rates, the report from comparison website MoneySuperMarket reveals.
The study looked into the average fixed term mortgage rates and established that they have seen a decline to some of their lowest ever levels once again, in spite of recent speculation of a base rate rise set to come in during 2016. On average, the rate for a five year fixed deal presently stands at 3.4 per cent, while last year it was 4.06 per cent, and three years ago, in 2012 it was 4.67 per cent.
As far as shorter term mortgage deals are concerned, they also follow the same pattern, with the average three year fixed rate coming in at 3.21 per cent at present, in comparison to a rate of 4.8 per cent back in 2012. By the same token, the average two year fixed mortgage rate is now 2.9 per cent compared to it 4.48 per cent during 2012.
Further findings from this recent research shows that those looking to secure their mortgage rate for a more substantial amount of time will find that there are now a greater number of deals to choose from. As it stands there is a choice of 41 10 year fixed rate products on the market, while as recently as last month (October) the total number was 35.
If you are looking to start a new venture following your acquisition of a fixed rate mortgage, and you need someone who can help to rent my house house, Mid-Devon experts in the field here at Howes Estates can help you do just that.
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